CASE STUDY: Design & build | Development

Creating a 'smart search' for finding the right loan

Protecting consumer credit ratings by providing smart search results

Introduction is price comparison website specialising in financial services. The website enables consumers to compare prices on a range of products, including mortgages, credit cards and loans.

The brief

Fierce competition among credit providers has resulted in the best personal loan rates we've seen in years.

But there’s a catch.

To be accepted for these special rates, you’ll need an excellent credit score. Every formal application that is made leaves a footprint on your credit report. If you’re making a lot of applications in a short space of time, and they are rejected, then this can have a negative impact on your score.

That’s why HD Decisions and MoneySupermarket commissioned Distinction to help implement their Loan "Smart Search".

The solution

Working in partnership with HD Decisions, the leading provider of data and technology products for the financial services market, we implemented their industry-leading 'soft search' tool. These 'soft' checks are still visible on your credit report, but they do not affect your rating like a 'hard' check might.

In order to implement it seamlessly within the website, we needed to replicate the look and feel as much as possible. Using Microsoft technologies, we hooked into the HD Decisions platform and several Web Services to retrieve real-time data from various credit bureaus.

Screenshot of MoneySupermarket Loan Smart Search

Customers are asked to enter basic information, including their name, address, date of birth and salary, and then their credit file is matched to the lenders score criteria. Lenders have particular criteria for accepting customers, which is typically based on your credit score, the information you give them and their own set of rules.

Based on a dynamic algorithm, the HD Decisions tool then returns a list of loans which are the most suitable, along with a probability indicating how likely a successful application would be.

Screenshot of MoneySupermarket Loan Smart Search 2

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